"Torrent Pharma Q2FY13 Results, in-line with expectations a) Revenue up by 14% YoY to Rs7.5bn, b) Adj. EBIDTA up by 23% YoY to Rs1.45bn and c) APAT up by 14% YoY to Rs995mn. US grew 27% (excl. licensing income) & India grew 15% YoY. However, Brazil declined 3% YoY due to strike by regulatory authority which affected clearance of goods from the port. Gross margins expanded 483bps YoY & 87bps QoQ to 71% and Adj. EBITDA margins expanded 100bps YoY to 19%. Going forward new launches in US & India will lead to 22% EPS CAGR over FY12/14E. With RoCE/ RoIC of 24% / 37%.
Domestic formulations (contributed 37%) grew by 15% led by rebound in Acute therapy which grew by 15%. Brazil (contributed 15%) declined 3% YoY led by strike by regulatory authority which affected clearance of goods from the port and slowdown in CVS, CNS category. US (contributed 12%) grew 70% YoY led by $2mn of licensing income and launch of generic Singulair. Excluding licensing income & INR dep impact growth was 27%.
We expect Torrent to report 19% growth in revenue for FY13E & 13% in FY14E. EBIDTA margins are expected to increase from 18.6% in FY12E to 19.5% in FY13E & FY14E. Earnings will grow by 22% over FY12-14E. Maintain Buy with a target of Rs 785. At CMP, the stock trades at 15xFY13E & 13xFY14E EPS," says Emkay Global Financial Services research report.
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